2023 Form 511-CR Other Credits Form

Other Credits Form

State of Oklahoma

Name as shown on return:

Provide this form and supporting documents with your Oklahoma tax return.

511-CR

FORM

Social Security Number:

Federal Employer Identication Number:

• Enter in Column A all unused carryover credits established in prior tax years but not used in any prior tax year.

• Enter in Column B all credits established this tax year. This includes a credit generated this tax year; a credit transferred

to you on a led transfer agreement (Form 572) that may be claimed this tax year; and a credit, that once established,

may be claimed over multiple years and you are claiming the subsequent years’ credit (e.g. Investment/New Jobs Credit).

Attention members of pass-through entities: Enter your share of the pass-through entities’ credit on the appropriate

line for the type of credit. For example: Your share of the pass-through entities’ Blood Donation Credit would be entered

on line 2.

See instructions for details on qualications and required enclosures.

-OR-

1a Oklahoma Investment/New Jobs Credit

(provide Form 506) ............................................................ 1a

Check the box to indicate the type of credit ......................... Investment Credit New Jobs Credit

2 Credit for Veried Blood Donation ....................................... 2

3 Credit for Investment in a Clean-Burning Motor

Vehicle Fuel Property (provide Form 567-A)

Enter the number of Form(s) 567-A provided

with this return for 3a and 3b ...........................................

3a Credit from Form 567-A, Part 1, Section A, line 2.

(If completing multiple Forms 567-A; enter the total

amounts from all Part 1, Section A, line 2.).......................... 3a

3b Credit from Form 567-A, Part 4, line 4 ................................. 3b

4 Small Business Guaranty Fee Credit (for banks and

credit unions ling Form 512)

(provide Form 529) ............................................................ 4

Credit for Qualied Software or Cybersecurity Employees

(provide Form 566)

............................................................. 5

6 Credit for Tourism Development or Qualied

Media Production Facility..................................................... 6

Oklahoma Local Development and Enterprise Zone

Incentive Leverage Act Credit

............................................... 7

8 Credit for Qualied Rehabilitation Expenditures ................. 8

9a Credit for Electricity Generated by

Zero-Emission Facilities ....................................................... 9a

9b Check the box to indicate the renewable resource

used to generate electricity .................................................. Wind Moving Water, Sun, or Geothermal Energy

10 Credit for Financial Institutions Making Loans

under the Rural Economic Development Loan Act .............. 10

00 00 00

00 00

00 00 00

00 00

Unused Credit

Carried Over from

Prior Year(s)

Credit Established

During Current

Tax Year

Total Available

Credit

(A + B = C)

Number of Form(s) 567-A

Not Applicable

Other Credits Form

Name as shown on return: Social Security/Federal Employer Identication Number:

2023 Form 511-CR - Page 2

Unused Credit

Carried Over from

Prior Year(s)

Credit Established

During Current

Tax Year

Total Available

Credit

(A + B = C)

Notice

Tax credits transferred or allocated must be reported on Form 569. Failure to le Form 569 will result in the affected cred-

its being denied by the Oklahoma Tax Commission (OTC) pursuant to 68 OS Sec. 2357.1A-2.

28 Total (add lines 1a through 27) .....................................................................................................................28

Enter on the applicable line of income tax return and enter the number in the box for the type of credit.

If more than one credit is claimed, enter “99” in the box.

Not Applicable

00 00

00 00 00

00 00

00 00 00

00 00

00 00 00

00 00

00 00 00

00 00

Not Applicable

11 Credit for Adoption Expenses .............................................. 11

12 Volunteer Fireghter Credit (provide FTAC’s Form,

see instructions on page 4) .............................................. 12

13 Credit for Railroad Modernization ........................................ 13

14 Credit for Strategic Industrial Development

Enhancement (SIDE) Projects ............................................. 14

15 Credit for Biomedical Research Contribution....................... 15

16 Credit for Employees in the Aerospace Sector

(provide Form 564) ............................................................ 16

17 Credits for Employers in the Aerospace Sector

(provide Form 565) ............................................................ 17

18 Credit for Cancer Research Contribution............................. 18

19 Oklahoma Capital Investment Board Tax Credit .................. 19

20 Credit for Contributions to a Scholarship-Granting

Organization ........................................................................ 20

21 Credit for Contributions to an Educational

Improvement Grant Organization ........................................ 21

22 Credit for Venture Capital Investment

(provide Form 518-A or 518-B) ......................................... 22

23 Oklahoma Affordable Housing Tax Credit ............................ 23

24 Credit for Employees in the Vehicle

Manufacturing Industry (provide Form 584) ....................... 24

25 Credits for Employers in the Vehicle

Manufacturing Industry (provide Form 585) ....................... 25

26 Credit for Oklahoma Rural Jobs .......................................... 26

27 Credit for Contributions to an Eligible Public School

Foundation or Public School District .................................... 27

00 00

Other Credits Information

2023 Form 511-CR – page 3 (

Do not mail pages 3 - 7 with your income tax return)

Oklahoma Investment/New Jobs Credit

Manufacturers, who hold a manufacturer’s exemption permit, may qualify for the Oklahoma Investment/New Jobs Credit

based on either an investment in depreciable property of at least $50,000 or on the addition of full-time equivalent em-

ployees engaged in manufacturing, processing or aircraft maintenance. A web search portal establishment may also

qualify for the credit. The credit, once established, is also allowed in each of the four subsequent years if the level of new

employees is maintained or the qualied property is not sold, disposed of or transferred. Any credit allowed but not used

may be carried over in order to each of the four years following the year of qualication and to the extent not used in those

years in order to each of the 15 years following the initial ve-year period. To the extent not used, any credit from qualied

depreciable property placed in service on or after January 1, 2000, may be utilized in subsequent tax years after the initial

20-year period. Provide Form 506. 68 OS Sec. 2357.4 and Rule 710:50-15-74.

Check the box on line 1b to indicate whether the credit is based on an investment in depreciable property or an increase

in full-time employees. If credit is owing from multiple Form 506s and includes both the credit based on investments and

for new jobs, check both boxes.

Credit for Veried Blood Donation

Establishes a non-refundable credit to be claimed by an employer for each veried blood donation made by an employee

as part of a blood drive that is organized by an Oklahoma nonprot blood donation organization in coordination with an

employer or group of employers. The blood drive may not be open to non-employees. Effective for tax years 2022 through

2027, an employer may claim a $20 credit for each veried donation. 68 OS Sec. 2357.406.

Note: The credit has an overall cap. No more than $500,000 of credit may be allowed to offset tax in a taxable year. For

tax year 2023, the full amount of the statutory credit is available.

Credit for Investment in a Clean-Burning Motor Vehicle Fuel Property

A credit is allowed for investments in qualied clean-burning motor vehicle fuel property. For credits established in tax year

2010 and thereafter, any credit allowed but not used will have a ve year carryover provision. Provide Form 567-A.

68 OS Sec. 2357.22 and Rule 710:50-15-81.

Note: The credit has an overall cap of $30 million ($10 million per fuel source). For tax year 2023, the full amount of the

statutory credit is available.

Small Business Guaranty Fee Credit

Only nancial institutions subject to “in lieu” tax are entitled to claim as a credit the amount of guaranty fees the nancial

institution pays to the U.S. Small Business Administration (SBA) under certain SBA loan programs. Any credit allowed but

not used will have a ve-year carryover provision. Provide Form 529. 68 OS Sec. 2370.1.

Credit for Qualied Software or Cybersecurity Employees

Establishes a credit for a qualied software or cybersecurity employee who, on or after November 1, 2019, is employed

in Oklahoma by a qualied employer in a qualifying industry. The credit is $2,200 for a qualied employee who has an

undergraduate or graduate degree in an accredited program from a degree-producing institution, or $1,800 for a quali-

ed employee who has a certicate or credential in an accredited program from a technology center. The credit is allowed

each year for up to the rst seven years. To qualify for the credit, the employee may not have been working in Oklahoma

before November 1, 2019. Provide Form 566. 68 OS Sec. 2357.405.

Credit for Tourism Development or Qualied Media Production Facility

A Credit for Tourism Development or Qualied Media Production Facility that was established in a prior year but not used

due to the limitations provided may be carried over. The unused credit may be carried over for a period not to exceed 10

years. 68 OS Sec. 2357.34 – 2357.40.

Oklahoma Local Development and Enterprise Zone Incentive Leverage Act Credit

An Oklahoma Local Development and Enterprise Zone Incentive Leverage Act Credit that was established in a prior year

but not used due to the limitations provided may be carried over. The unused credit may be carried over for a period not to

exceed 10 years. 68 OS Sec. 2357.81.

Credit for Qualied Rehabilitation Expenditures

Provides a credit for qualied rehabilitation expenditures incurred with any certied historic structure as dened in 68 OS

Sec. 2357.41. The credit is to be equal to the amount of the Federal rehabilitation investment credit allowed under the

Internal Revenue Code, Sec. 47. Any credit allowed but not used will have a 10-year carryover provision following the

qualied expenditures. The credit may be freely transferred, at any time during the ve years following the year of quali-

cation, to any taxpayer upon the ling of the transfer agreement, Form 572, along with an OTC acknowledgment of credits

earned. The transferee shall provide these same forms with the Form 511-CR. If this credit that has been transferred is

subsequently reduced as the result of an adjustment by the Internal Revenue Service, OTC, or any other applicable gov-

ernment agency, only the transferor originally allowed the credit and not any subsequent transferee of the credit, will be

held liable to repay any amount of disallowed credit. 68 OS Sec. 2357.41 and Rule 710:50-15-108.

Credit for Electricity Generated by Zero-Emission Facilities

A credit shall be allowed for the production and sale, to an unrelated person, of electricity generated by zero-emission

facilities located in this state. For facilities placed in operation on or after January 1, 2007, or with respect to electricity

generated by wind for any facility placed in operation not later than July 1, 2017, the credit for the electricity generated

is $0.0050 per kilowatt-hour. Credits may be claimed during a ten-year period following the date the facility is placed in

operation. Any credit generated, but not used, on or after January 1, 2014, may be partially refundable upon the ling of

Form 578. For credits claimed for the rst time on or after July 1, 2019, an irrevocable written election may be made with

this return to carryforward any unused credit for a period not to exceed 10 years; any credit remaining in the 10th year will

be refunded at 85%. Any credit earned prior to January 1, 2014, that was allowed but not used will have a 10-year car-

ryover provision. Credits generated prior to January 1, 2014, may be freely transferable, at any time during the 10 years

following the year of qualication, to any taxpayer upon ling of the transfer agreement, Form 572, along with an OTC

acknowledgment of credits earned. Provide a schedule showing the number of kilowatt-hours of electricity generated

during each month of the taxable year and the calculation of the credit or, if you are the transferee, a copy of the transfer

agreement and OTC acknowledgement.

Check the box on line 9b to indicate the type of renewable resource used by the zero-emission facility as its fuel source to

generate electricity. If credits are generated by multiple zero-emission facilities both boxes may be checked, if applicable.

For facilities placed in operation before January 1, 2007, a Credit for Electricity Generated by Zero-Emission Facilities that

was established in a prior year but not used due to the limitations provided may be carried over. The unused credit may be

carried over for a period not to exceed 10 years. 68 OS Sec. 2357.32A.

Note: Credits generated from water, sun or geothermal energy have an overall cap. No more than $500,000 of credit may be

allowed to offset tax or be refunded in a taxable year. For tax year 2023, the full amount of the statutory credit is available.

Credit for Financial Institutions Making Loans Under the Rural Economic Development Loan Act

A Credit for Financial Institutions Making Loans Under the Rural Economic Development Loan Act that was established in

a prior year but not used due to the limitations provided may be carried over. The unused credit may be carried over for a

period not to exceed ve years. 68 OS Sec. 2370.

Credit for Adoption Expenses

A credit is allowed for nonrecurring adoption expenses paid by a resident individual taxpayer in connection with the adop-

tion of a minor or the proposed adoption of a minor that did not result in a decreed adoption. Effective for tax years 2023

and subsequent years, the credit is 10% of qualied expenses, not to exceed $2,000 per calendar year with respect to

single ling status or married ling separate income tax returns, and not to exceed $4,000 per calendar year with respect

to married ling joint, head of household or qualifying widow(er) return ling status. 68 OS Sec. 2357.601.

Volunteer Fireghter Credit

For taxpayers who qualify for the $200 or $400 Oklahoma Volunteer Fireghter Tax Credit, the completed and signed Fire-

ghter Training Advisory Committee (FTAC) form must be provided as supporting documentation. The form must have all of

the necessary signatures. For further explanations, questions or to obtain a form contact the FTAC at 405.522.5015.

68 OS Sec. 2358.7 and Rule 710:50-15-94.

Other Credits Information

2023 Form 511-CR – page 4

Credit for Railroad Modernization

A credit for qualied railroad reconstruction or replacement expenditures of Class II or Class III railroads is allowed. The

credit is 50% of qualied railroad reconstruction or replacement expenditures; limited to the product of $5,000 and the

number of miles of railroad track owned or leased within Oklahoma at the close of the taxable year. Any credit allowed but

not used will have a ve-year carryover provision. The credit is freely transferable to any taxpayer and at any time during

the ve years following the year of qualication upon the ling of the transfer agreement, Form 572, along with an OTC

acknowledgment of credits earned. Provide the “Afdavit” from the Department of Transportation or, if you are the trans-

feree, a copy of the transfer agreement and OTC acknowledgment. 68 OS Sec. 2357.104 and Rule 710:50-15-103.

Note: The credit has an overall cap. No more than $5 million of credit may be allowed to offset tax in a taxable year. For

tax year 2023, the full amount of the statutory credit is available.

Credit for Strategic Industrial Development Enhancement (SIDE) Projects

A credit is allowed for amounts invested for strategic industrial development enhancement (SIDE) projects, effective for

tax years 2023 through 2027. The credit is assignable and will be allocated by the Oklahoma Department of Commerce

to a qualifying project. Allocated credits may not exceed $12 million per year. The credit will generally be an amount

that may not exceed 10% of an eligible entity’s qualied economic development expenditures for a qualifying project as

determined by Commerce. Qualied initial infrastructure expenditures may be earned at a rate of 50% of qualied initial

infrastructure expenditures. The project tax credit amount may not exceed $3 million for qualied initial infrastructure

expenditures per qualifying project or $6 million for qualied economic development expenditures per qualifying project.

The project tax credit may consist of a combination based on qualied economic development expenditures and qualied

initial infrastructure expenditures. If the credits are combined, the project tax credit amount may not exceed $6 million per

qualifying project. 68 OS Sec. 2357.105.

Credit for Biomedical Research Contribution

A credit is allowed to any taxpayer who makes a donation to a qualied independent biomedical research institute. The

credit is 50% of the amount donated, but may not exceed $1,000 ($2,000 for a married ling joint return). An “independent

biomedical research institute” means an organization that is exempt from taxation under the Internal Revenue Code sec-

tion 501(c)(3) whose primary focus is conducting peer-reviewed basic biomedical research. The organization shall have

a board of directors, be able to accept grants in its own name, be an identiable institute that has its own employees and

administrative staff, and receive at least $15 million in National Institute of Health funding each year. Any credit allowed

but not used will have a four-year carryover provision. A copy of the canceled check or receipt must be provided as proof

of the donation. 68 OS Sec. 2357.45 and Rule 710:50-15-113.

Note: The credit has an overall cap. No more than $1 million of credit may be allowed to offset tax in a taxable year. For

tax year 2023, the full amount of the statutory credit is available.

Credit for Employees in the Aerospace Sector

Establishes a $5,000 credit for a “qualied employee” who on or after January 1, 2009, is employed in Oklahoma by or

contracting in Oklahoma with a qualied employer whose principal business activity is in the aerospace sector (see Form

564 for complete denition of “qualied employee”). The credit is allowed each year for up to the rst ve years. To qualify

for the credit the employee may not have been employed as a full-time engineer in the aerospace sector in Oklahoma

immediately preceding employment or contracting with a qualied employer. Any credit allowed but not used will have a

ve-year carryover provision. Provide Form 564. 68 OS Sec. 2357.301 & 2357.304 and Rule 710:50-15-109.

Credits for Employers in the Aerospace Sector

Establishes credits for tuition reimbursement and for compensation paid to a “qualied employee” by a qualied employer

(see Form 565 for complete denition of “qualied employee”). The credit for tuition reimbursement is 50% of amount

reimbursed, but may not exceed 50% of the average annual amount paid for enrollment and instruction in a qualied pro-

gram at an Oklahoma public institution. The credit for compensation paid to a graduate of an Oklahoma institution is 10%

of such compensation, and if the employee graduated from an institution located outside Oklahoma, the credit is 5%; this

credit may not exceed $12,500 annually for each qualied employee. Provide Form 565. 68 OS Sec. 2357.301, 2357.302

& 2357.303 and Rule 710:50-15-109.

2023 Form 511-CR – page 5

Other Credits Information

Credit for Cancer Research Contribution

A credit is allowed to any taxpayer who makes a donation to a qualied cancer research institute. The credit is 50% of the

amount donated, but may not exceed $1,000 ($2,000 for a married ling joint return). A “cancer research institute” means

an organization that is exempt from taxation under the Internal Revenue Code (IRC) or a not-for-prot supporting organi-

zation, as dened by the IRC, afliated with a tax-exempt organization. The tax exempt organization must have “raising

the standard of cancer clinical care, in Oklahoma, through peer-reviewed cancer research and education” as its primary

focus; be either an independent research institute or a program that is part of a state university that is a member of The

Oklahoma State System of Higher Education; and receive at least $4 million in National Cancer Institute funding each

year. Any credit allowed but not used will have a four-year carryover provision. A copy of the canceled check or receipt

must be provided as proof of the donation. 68 OS Sec. 2357.45 and Rule 710:50-15-113.

Note: The credit has an overall cap. No more than $1 million of credit may be allowed to offset tax in a taxable year. For

tax year 2023, the full amount of the statutory credit is available.

Oklahoma Capital Investment Board Tax Credit

Provide the Tax Credit Certicate issued by the Oklahoma Capital Investment Board (OCIB) as provided for in the Okla-

homa Capital Formation Act. The Certicate will indicate the face amount of the tax credit and the state’s scal year

in which the credit may be claimed. The credit is freely transferable to subsequent transferees upon the issuance of a

new Certicate by the OCIB to the transferee. Except as provided, no tax credit shall be exercisable after July 1, 2020.

Tax credits may be exercised after July 1, 2020, if the credits were purchased or agreed to be purchased pursuant to

an agreement originally entered into no later than December 31, 1995. Transferees may exercise the credits after July

1, 2020 if the credits were obtained from the person who originally entered into such an agreement or by a subsequent

transferee if the credit transfer occurred prior to June 8, 2012. Note: This credit, upon election of the taxpayer, may be

claimed as a payment or prepayment of tax or as an estimated tax payment. If this election is made, the credit should be

claimed on this line of the Form 511-CR. 74 OS Sec. 5085.7.

Credit for Contributions to a Scholarship-Granting Organization

A credit is allowed for contributions to an eligible scholarship-granting organization. The credit is 50%* of the amount

contributed, not to exceed $1,000 for an individual ($2,000 for a married ling joint return) or $100,000 for a legal busi-

ness entity. Tax credits that are allocated to an individual(s) by a pass-through entity are limited based on the total credit

limitation of the pass-through entity and not by $1,000 (or $2,000) limitation for individuals. For a taxpayer who makes an

eligible contribution and makes a written commitment to contribute the same amount for an additional year, the credit will

be 75%* of the total amount of the contribution made during the taxable year. A “scholarship-granting organization” means

a nonprot organization, registered with the OTC, that distributes scholarships so an eligible student, or an eligible special

needs student, can attend an elementary or secondary private school. Any credit allowed but not used will have a three-

year carryover provision. If claiming the 75% credit, evidence of the written commitment must be provided. 68 OS Sec.

2357.206 and Rule 710:50-15-114.

* Note: The credit has an overall cap. If the total credits eligible to be claimed by all individuals or businesses exceed the

specied cap, the percentage allowed will be reduced. The OTC will publish the percentage of the contribution that may be

claimed as a credit. The scholarship-granting organization will notify contributors of that amount annually.

Credit for Contributions to an Educational Improvement Grant Organization

A credit is allowed for contributions to an eligible scholarship-granting organization. The credit is 50%* of the amount

contributed, not to exceed $1,000 for an individual ($2,000 for a married ling joint return) or $100,000 for a legal busi-

ness entity. Tax credits that are allocated to an individual(s) by a pass-through entity are limited based on the total credit

limitation of the pass-through entity and not by $1,000 (or $2,000) limitation for individuals. For a taxpayer who makes an

eligible contribution and makes a written commitment to contribute the same amount for an additional year, the credit will

be 75%* of the total amount of the contribution made during the taxable year. An “educational improvement grant orga-

nization” means a nonprot organization, registered with the OTC, that contributes at least 90% of its annual receipts as

grants to eligible public schools for innovative educational programs. An innovative educational program is an advanced

academic or academic improvement program that is not part of the regular coursework of a public school but enhances

the curriculum or academic program of the school or provides early childhood education programs to students. Any credit

allowed but not used will have a three-year carryover provision. If claiming the 75% credit, evidence of the written commit-

ment must be provided. 68 OS Sec. 2357.206 and Rule 710:50-15-115

* Note: The credit has an overall cap. If the total credits eligible to be claimed by all individuals or businesses exceed the

specied cap, the percentage allowed will be reduced. The OTC will publish the percentage of the contribution that may

be claimed as a credit. The education improvement grant organization will notify contributors of that amount annually.

2023 Form 511-CR – page 6

Other Credits Information

Credit for Venture Capital Investment

No investor in a Venture Capital Company organized after July 1, 1992, may claim the tax credits under the provisions of

this section. Any credit allowed but not used will have a three-year carryover provision. Provide Form 518-A or 518-B.

68 OS Sec. 2357.7 and 8 and Rule 710:50-15-77 and 78.

Oklahoma Affordable Housing Tax Credit

A credit is allowed for qualied projects placed in service after July 1, 2015. A “qualied project” means a qualied low-

income building as dened in Sec. 42 of the Internal Revenue Code. The credit is equal to the federal low-income housing

tax credits for a qualied project. The total Oklahoma Affordable Housing Tax Credits allocated to all qualied projects for

an allocation year may not exceed $4 million per allocation year. If a portion of any federal low-income housing credits is

required to be recaptured during the rst 10 years after a project is placed in service, the taxpayer claiming the Oklahoma

credit with respect to such project is also required to recapture a portion of the credits. Any credit allowed but not used

will have a two-year carryover provision provided credits earned prior to January 1, 2019, that were allowed but not used,

have a ve-year carryover provision. Provide an eligibility statement from the Oklahoma Housing Finance Agency. 68 OS

Sec. 2357.403.

Credit for Employees in the Vehicle Manufacturing Industry

Establishes a $5,000 credit for a qualied employee who has a degree in engineering and who, on or after January 1,

2018, is employed in Oklahoma by or contracting in Oklahoma with a qualied employer whose principal business activ-

ity is in vehicle manufacturing, which includes vehicle manufacturing and automotive parts manufacturing. The credit is

allowed each year for up to the rst ve years. To qualify for the credit the employee may not have been employed as a

full-time engineer in the vehicle manufacturing industry in Oklahoma immediately preceding employment or contracting

with a qualied employer. Any credit allowed but not used will have a ve-year carryover provision. Provide Form 584.

68 OS Sec. 2357.404 and Rule 710:50-15-116.

Note: The credit has an overall cap. No more than $2 million of credit may be allowed to offset tax in a taxable year. For

tax year 2023, the full amount of the statutory credit is available.

Credits for Employers in the Vehicle Manufacturing Industry

Establishes credits for tuition reimbursement and for compensation paid to a qualied employee by a qualied employer

whose principal business activity is in vehicle manufacturing, which includes vehicle manufacturing and automotive parts

manufacturing. A qualied employee is a person employed in Oklahoma by or contracting in Oklahoma with a qualied

employer on or after January 1, 2018, who has been awarded an undergraduate or graduate degree in engineering and

who was not employed as a full-time engineer in the vehicle manufacturing industry in Oklahoma immediately preceding

current employment. The credit for tuition reimbursement is 50% of amount reimbursed, but may not exceed 50% of the

average annual amount paid for enrollment and instruction in a qualied program at an Oklahoma public institution. The

credit for compensation paid to a graduate of an Oklahoma institution is 10% of such compensation and if the employee

graduated from an institution located outside Oklahoma the credit is 5%; this credit may not exceed $12,500 annually for

each qualied employee. Provide Form 585. 68 OS Sec. 2357.404 and Rule 710:50-15-116.

Note: The credit has an overall cap. No more than $3 million of credit may be allowed to offset tax in a taxable year. For

tax year 2023, the full amount of the statutory credit is available.

Credit for Oklahoma Rural Jobs

Establishes a credit for a capital investment in a rural fund. Upon making a capital investment in a rural fund, a rural

investor shall have a right to a credit against such entity’s state tax liability that may be utilized on each credit allowance

date of such capital investment in an amount equal to the applicable percentage for such credit allowance date multiplied

by the purchase price paid to the rural fund for the capital investment. The amount of the credit claimed shall not exceed

the state tax liability for the tax year for which the credit is claimed. Any amount of credit that a rural investor is prohibited

from claiming in a tax year may be carried forward for use in any of the ve subsequent tax years, but no amount shall be

carried back to prior tax years. No credit claimed shall be refundable or saleable on the open market. 68 OS Sec. 3930 -

3937.

Note: The credit has an overall cap. No more than $15 million may be claimed against state tax liability in any calendar

year, excluding any credit amounts carried forward. For tax year 2023, the full amount of the statutory credit is available.

2023 Form 511-CR – page 7

Other Credits Information

2023 Form 511-CR – page 8

Other Credits Information

Credit for Contributions to an Eligible Public School Foundation or Public School District

A credit is allowed for contributions to an eligible public school foundation or public school district. The credit is 50%*

of the amount contributed, not to exceed $1,000 for single individuals, $2,000 for married individuals ling jointly, or

$100,000 for a legal business entity. Tax credits that are allocated to an individual(s) by a pass-through entity are limited

based on the total credit limitation of the pass-through entity and not by $1,000 (or $2,000) limitation for individuals. For

a taxpayer who makes an eligible contribution and makes a written commitment to contribute the same amount for an

additional year, the credit will be 75%* of the total amount of the contribution made during the taxable year. An “eligible

public school foundation” means a nonprot entity formed pursuant to Oklahoma laws that is exempt from federal income

taxation pursuant to either Sec. 501(c)(3) or 509(a) of the Internal Revenue Code of 1986, as amended. Each public

school foundation must be approved by the local board of education prior to accepting qualifying donations. “Eligible

public school district” means any public school. Any credit allowed but not used will have a three-year carryover provision.

If claiming the 75% credit, evidence of the written commitment must be provided. 68 OS Sec. 2357.206 and Rule 710:50-

15-115

Note: The credit has an overall cap. If the total credits eligible to be claimed by all individuals or businesses exceed the

specied cap, the percentage allowed will be reduced. The OTC will publish the percentage of the contribution that may

be claimed as a credit. The education improvement grant organization will notify contributors of that amount annually.